Trouble for Bitcoin Miners in China Over Electricity

Bitcoin miners in Sichuan, a province in China, have come under heavy pressure by local authorities to lessen their operations as the province is witnessing deficits in electricity production.

It was reported on the 29th of December by Asia Times that the area usually expects a power shortage in the dry season (starting from October through April). Mining operations are generally power-intensive and this is why the authorities aim at cutting down mining operations in dry seasons.

Different Seasons, Different Tolerance Levels
Normally, Bitcoin mining is restricted in Sichuan during the dry season, but are allowed in the wet season. This is because of the intense rainfall that is experienced in East Asia in the wet season, causing hydropower stations to produce large amounts of electricity.

In the dry seasons, however, authorities try to ensure that residents and local businesses get adequate electric supply, and as such are mandated to cut the usage of Bitcoin farms in the region.

Increased Surveillance of Bitcoin Mining
Bitcoin mining farms aren’t the only ones receiving the brunt of the authorities. Power plants have also come under serious sanctions.

In December, 2 power plants got fined about $140,000 each for transmitting electricity to Bitcoin farms without acquiring proper supply licensing.

Bitcoin miners in China account for about 65% of the total hash rate in the globe. However, miners in the country have been subjected to intense surveillance as authorities are trying to combat criminal exploitation of power.

Last month, in a bid to maintain order in the cryptocurrency mining sector, Chinese authorities in Mongolia executed an operation that was geared towards cleaning up and rehabilitating cryptocurrency mining firms in the area.

Also, earlier this month, Chinese authorities confiscated about 7,000 cryptocurrency mining machines that were said to be expending electricity illicitly. The appropriation was as a result of a routine inspection that covered over 70,000 domestic homes, 3,060 vendors, and numerous communities in Tangshan city.

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The USDCHF Is Weakening While Selling Continues Beneath 0.9695 Level

USDCHF Price Analysis – December 31

After the Asian session, moving sideways near the level of 0.9695, the USDCHF pair lost its movement in the last hour and touched the lowest level since early November at 0.9662. At the time of writing, the pair fell by 0.23% per day at 0.9660 level.

Key Levels
Resistance Levels: 1.0231, 0.9833, 0.9695
Support Levels: 0.9659, 0.9600, 0.9541

USDCHF Long term Trend: Bearish

In a broader context, the long-term outlook stays bearish, as USD / CHF is in the range of 0.9659 / 1.0231. In any case, a decisive breakthrough of 0.9659 level is required to indicate the resumption of a downtrend.

Otherwise, more side trading may be recorded with the risk of another rebound. Meanwhile, a breakthrough of the level at 0.9695 support may aim at the level at 0.9541 support.

USDCHF Short term Trend: Bearish

The intraday bias in USDCHF stays on the downside at this phase. At the moment, a plunge from the level of 1.0027 may break below the support level of 0.9659.

On the other hand, a slight break of resistance above the level at 0.9739 may change the neutrality of the intraday bias and lead to consolidation first, before starting another decline.

Instrument: USDCHF
Order: Sell
Entry price: 0.9659
Stop: 0.9739
Target: 0.9541

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Gold vs Dollar: Amid Trade Hopes, the Greenback Stays Down as Gold Bulls Align on New Years Eve

The US dollar stays in the background due to year-end positioning and optimism about the Sino-US trade deal. According to reports, Liu He, China’s chief economic negotiator, will visit Washington over the weekend to sign an agreement. Both Washington and Beijing are optimistic.

The American calendar presents two housing price indices and the Conference Board consumer confidence indicator for December, which is expected to increase. Mostly positive Monday indicators, such as a reduction in the trade deficit, did not help the dollar.

EU designated exchange commissioner Phil Hogan told the Irish Times that he is searching for a reload of exchange relations with the United States. Specifically, he noticed that levies have become on aluminum and the danger of duties in light of the digital tax in Europe.

Hogan talked with U.S. economic agent Robert Lighthizer without further ado before Christmas. He uncovered they consented to meet in Washington in mid-January to examine a not insignificant rundown of issues causing strains between the EU and the US.

There’s no reason for delving into the subtleties of wiping out exchange aggravations if we don’t concur on a line on the general exchange plan.

Gold Spot Consolidate Its Advance
After arriving at the most elevated level since late September at $ 1,525.10 in the most recent hour, gold (XAU/USD) entered the consolidation phase as the bulls breathe and got a move on for the following development.

Proceedings with optimism about US-China exchange relations are keeping down interest for a safe US dollar against significant contenders, which thusly makes the yellow metal in US dollars progressively alluring to remote financial specialists.

As of late, White House exchange counsel Peter Navarro noticed that the understanding at the main phase is probably going to be sealed one week from now. In the meantime, markets agree to later idealistic remarks by US President Trump and Treasury Secretary Mnuchin about a potential economic agreement.

Besides, an expansion in gold request toward the year’s end in the midst of supporting against potential risk one year from now additionally pushes the Bullions north. On the side of developing financial specialist trust in gold, theorists raised their bullish situations on COMEX gold contracts in the prior week earlier to December 24th.

Fully expecting 2019 exit, the gold price may go up and become observers of unpredictable developments in the perception of weak exchanging conditions. Note that the yellow metal is headed to getting about 19% of yearly gains in 2019, which makes it the greatest year since 2010.

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Bitcoin (BTC) Price Analysis – $7300 Support Fails, Will Bitcoin End 2019 On Bearish?

Well, we will get to know that at the close of the day. Since Bitcoin fell from $7700 on December 23, the price has been facing a lot of huge supply and demand, trapping the most-traded coin to between $7100 – $7500 zones for a couple of days now. If Bitcoin manages to cross these price zones before today’s close, it might leave a clue on the possible direction for the year 2020.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish

Key resistance levels: $7300, $7400, $7500
Key support levels: $7200, $7300, $7000

Yesterday, we mentioned the $7300 support as possible rebound level for Bitcoin but it appeared the support could not hold due to the heavy supply in the market. As we can see on the hourly chart, Bitcoin is now trading slightly below this controversial support-turned-resistance level with the current price at $7266.

Meanwhile, the $7200 was rejected twice and at the same time facing $7300 resistance. This has resulted in a small consolidation cycle over the past few hours. If Bitcoin climbs back above this resistance, the $7400 and $7500 resistance may resurface.

BTCUSD, Hourly Chart – December 31

On the other hand, a drop below $7200 may expose $7100 support and most especially $7000 to a bearish threat. However, the technical indicators are back in their negative zones, suggesting that the sellers are returning back in the market.

Bitcoin (BTC) Price Analysis: 15M Chart – Bearish

The December 29 rejection around $7500 positioned Bitcoin in a downward range on the 15-minutes time frame. But now, it seems BTC is footing another bullish swing, though the setup is not confirmed at the moment. The current break above the white regression line suggests a potential increase but the $7300 is an important resistance for the buyers to conquer.

Once this resistance breaks, BTC is likely to retest $7400 and $7500 resistance.

BTCUSD, 15M Chart – December 31

If the $7300 rejects, the price may roll back to $7200 and potentially $7100, which has been functioning as a key support for a while now. More so, Bitcoin is showing positive signs on the technical RSI and MACD indicators. We should expect an upswing as soon as price increases above the immediate resistance level.

BITCOIN BUY SIGNAL

Buy Entry: $7266
TP: $7377
SL: $7170

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TRON (TRX) Turns Around From Current Level, a Breakout Likely

Key Resistance levels: $0.025, $0.030, $0.035
Key Support Levels: $0.015, $0.010, $0.005

TRX/USD Long-term Trend: Bearish
TRON is in a bear market. The coin fell in a bear market to a low of $0.020 and made an upward correction to the high of $0.030 in July. After the price correction, the coin dropped to a low of $0.012 in September. At the bottom of the chart, the price has been rebounding but faces rejection at $0.020 price level.

Meanwhile, the $0.012 support had been holding since September. The coin will rise if the current support holds, however, TRON lacks demand at a higher price level. The coin will fall if selling pressure resumes and breaks below the $0.012 support level.

TRX/USD - Daily Chart

Daily Chart Indicators Reading:
From the Fibonacci tool, a bull candle body tested the 0.618 retracement level. This implies that TRON will trade and fall near the 1.618 extension level. This is equivalent to a $0.007 price level. Meanwhile, from the price action, the market is consolidating above $0.012, preparatory to the next move.

The Relative Strength Index period 14 level 47 indicates that the market is fluctuating at the bottom of the chart. Meanwhile, 21-day SMA and the 50-day SMA are sloping horizontally indicating the price movement.

TRX/USD Medium-term bias: Bearish
On the 4-hour chart, TRON is trading above the $0.013 support. On December 17, the coin traded and fell to the low of $0.12, and resumed an upward movement. The upward movement was terminated at $0.015 while the coin fell to the current low. The market seems to have bearish exhaustion at $0.012 while the bulls defend the support level. The coin is also facing rejection at the upper price level because of a lack of demand.

TRX/USD - 4 Hour Chart

4-hour Chart Indicators Reading
The coin was trading in a descending channel. The bears broke the support line as the coin fell to the low of $0.012. Thereafter, the support was well defended as the bulls make an upward movement to the recent highs. The market is trading below 75% of the daily stochastic which indicates that the coin is in a bearish momentum.

General Outlook for TRON (TRX)
TRON is consolidating at the bottom of the chart. From the Fibonacci tool, it indicates that if selling pressure resumes the coin will fall to the low of 1.618 extension level or $0.007. From the price action, selling pressure will resume once the $0.012 support cracks. This will confirm the Fibonacci tool estimation of price fall. In the meantime, the pair is in a period of consolidation.

TRON Trade Signal
Instrument: TRXUSD
Order: Buy
Entry price: $0.013
Stop: $0.011
Target: $0.020

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Mintdice – a Fully Functional Online Cryptocurrency Casino and Investment Web Platform

MintDice is the best bitcoin casino in the world for playing Bitcoin Dice, slots, Plinko and other games such as Bit.rocket, the best bitcoin crash game in the world for luck and skill. It also has various categories that relate to ease of use with various tabs such as banking, bitcoin, blockchain, Ethereum, financial services, gambling, gamification, games, internet, software. Headquartered in the European Union, it began operations around March 2017.

Mintdice is an internet name, although its legal name is Prism Sentinel N.V., which employs between 11-50 employees in its service.

Another striking feature of Mintdice is that it also gives a solution to potential investors in Bitcoin, allowing them to invest directly in a casino bankroll to immediately receive passive income from their cryptocurrency.

The platform additionally presents an investment window for considerably more chances to win and benefit without the risk.

One of the conceivable outcomes is to put assets into Masternode or Staking, while clients can put assets into Masternode shared pools at low rates and get profits from Bitcoin gambling gains(contingent upon the volume of deposits).

Another MintDice proposition is “Be The Bank”. In this part, clients get a segment of the gains from the pool, which involves 15% of each wager set on the platform, contingent upon how much clients hold. MintDice is sure that all client reserves are not in danger, and that it will likely consistently give total straightforwardness to its clients as an entity from a sheltered, social and open network.

Mintdice Manages a Safe Ecosystem
MintDice effectively utilizes 14 innovations for its online platform. These comprise Viewport Meta, iPhone/Mobile adaptable, and SSL as is normally done. Concerning the degrees of security and trust, it depends on non-trust wagering calculations executed on blockchain innovation, it operates the most recent degree of security and trust.

Web-based betting is an undeniably developing pattern everywhere throughout the world. In the realm of computerized monetary standards, the ubiquity of digital money casinos is developing: this is as good as ever an approach to bet, where the primary factors that boost the adoption are frictionless exchanges, just as fair algorithms.

MintDice is at the cutting edge of this major virtual distinct advantage. Its online gambling platform offers a few cryptographic forms of money. These incorporate bitcoins, Litecoins, Ethereum, Ripple, Dogecoin, Blocknet, NEO, Decred, ZCoin, and others. The primary goal of MintDice is to bolster betting and fun service, including everybody in their internet gaming space.

Bitcoin and different cryptographic forms of money converged with the game world, presenting developments in the manner in which individuals play on the web. Presently web-based betting is getting progressively well known, which gives more extensive access to the business with a multi-billion dollar turnover. The blend of the two biggest divisions of the innovation business (games and digital money) gives more enthusiasm to clients from around the globe.

Currently, one of the best online casinos, MintDice, makes it easier for users to earn money by trading various gaming objects using cryptocurrencies.

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China has Just Received Its First ETF Filing

News coming out of China indicates that there has just been a filing for the development of a blockchain-based exchange-traded-fund. This was disclosed by the Chinese Securities Regulatory Commission.

The ETF filing was presented by an asset management firm, Penghua Fund on the 24th of December. The ETF aims at tracking the performance of an array of blockchain-based stocks

The Shanghai Securities Journal reports that If authorized, it would be China’s pioneering blockchain-based ETF.

The Auspicious-Timed Index Launch
Coincidentally, Penghua’s filing was applied for on one same day the Shenzhen Stock Exchange openly declared its “Blockchain 50 Index”.

As its name suggests, the index is made up of Shenzhen’s top 50 blockchain-related companies, based on market capitalization. Also, as reported by SSJ, the companies in the index are an assortment of various industries.

What This Filing Could Mean for the Industry
Analysts believe that if Penghua’s ETF filing gets authorized, it will open up the gates for other entities to apply for ETFs as well.

SSJ remarks that even though the blockchain industry is relatively new, growth in strength of policy guidance and an increase in the number of developed companies in the industry could cause the adoption of blockchain-based ETFs to rise.

In a recent interview, an anonymous Beijing-based fund manager explained that a lot of investors do not have proper orientation regarding investing in the blockchain sector and that ETFs are a reflection of an assortment of assets and could serve as an efficient investment medium.

In another interview by SSJ, Fund Manager Dong Weiwei said that blockchain, as a DLT, had immense potential across several industries. He listed several industries that blockchain could dramatically influence including digital finance, Internet of Things, supply chain management, and many more sectors.

Although China seems to be ahead in the global blockchain competition, there have been complaints about how most of its innovations are government-issued and not privately owned.

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EURUSD Rallies Maintain Upside Momentum Close to the Price Level at 1.1200

EURUSD Price Analysis – December 30

The EURUSD pair spiked to the highest level since mid-August at the price level of 1.1211 and entered the consolidation phase. At the time of writing, the pair was ranging near the price level of 1.1200, adding 0.2% per day.

Key Levels
Resistance Levels: 1.1515, 1.1450, 1.1280
Support Levels: 1.1178, 1.0981, 1.0879

EURUSD Long term Trend: Ranging

In the larger trend, the rebound from the level at 1.0879 is considered as a corrective movement at this stage. While anticipating a further advance, the growth potential may be contained by the recovery from the level at 1.1450 to 1.0879 to 1.1515.

While the downtrend from the level at 1.1450 (high) may continue at a later time. Nevertheless, a steady breakthrough of the 1.1515 level may weaken this bearish look and lead to stronger growth past the upside level at 1.1515.

EURUSD Short term Trend: Bullish

EURUSD so far advances to the level at 1.1210 during today’s trading. Violation of resistance on the 1.200 level indicates the continuation of the entire rebound from the level at 1.0879.

The intraday bias is currently on the rise for a 100% forecast from the level at 1.0879 to 1.1178 from 1.0981 to 1.1280 in the following sequence. In any case, the short-term forecast will stay cautious as long as the support of the level at 1.1066 persists, howbeit a pullback occurs.

Instrument: EURUSD
Order: Buy
Entry price: 1.1178
Stop: 1.1066
Target: 1.1450

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Bitcoin (BTC) Price Analysis – Retracement Mode: Bitcoin Locating $7300 To Refuel Swing High

Last week, Bitcoin’s price regains momentum to $7500 on Bitfinex after locating support at $7100, holding over the past week. Though the bullish move is looking realistic; Bitcoin needs to break more key resistance zones before we can confirm a potential reversal above $8000. For now, $7900 is an important resistance to set BTC on a bullish mode.

Bitcoin (BTC) Price Analysis: 4H Chart – Bullish

Key resistance levels: $7500, $7700, $7900
Key support levels: $7100, $6800, $6500

Bitcoin is captured in a sideways trend over the past weeks. The mid-December drop to $6500 was a retest to the late November drop, although BTC has recovered back above $7000 and now trading around $7355 at the moment. Now, Bitcoin is pulling back near the recent break zone of $7300. If this zone fails to hold, BTC may roll back to $7100 support, where the lower-white horizontal zone lies.

BTCUSD-4H-Chart-December-30

A drive below the lower zone could allow a retest at $6800 and $6500 support, marked red on the chart. On the upside, there are close resistances at $7500 and $7700, where the upper-white horizontal zone lies. The major resistance here lies at $7900, marked green on the 4-hours chart. However, Bitcoin is expected to keep rising as long as the RSI and MACD remain positive.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish

Bitcoin is following a bullish sentiment on the hourly chart but the price is a bit weak over the last 24-hours. The market is currently sitting on the white rising support line, forming since December 25. Meanwhile, a false break is likely to $7300 – marked blue on the hourly chart. The bears may completely take over if the mentioned price level breaks.

BTCUSD, Hourly Chart – December 30

The $7200 and $7100 supports may be exposed to selling pressure once again. However, BTC bulls may soon step back in the market. Reclaiming $7400 and $7500 resistance could trigger more buy to $7600-$7700 area. But looking at the technical indicators, Bitcoin is still looking for a rebound level. We can expect the rally to continue as soon as the pullback ends.

BITCOIN BUY SIGNAL

Buy Entry: $7304
TP: $7500
SL: $7277

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Cardano (ADA) Consolidates at the Bottom, Sellers Still Unrelenting

Key Resistance levels: $0.06, $0.07, $0.08
Key Support Levels: $0.05, $0.04, $0.03

ADA/USD Long-term Trend: Ranging
Cardano has continued its consolidation since September. The coin’s price movement has been insignificant. Currently, the ADA is trading at $0.033 above the $0.030 support level. The price has slumped from $0.050 in September to $0.033 in December. There is a likelihood that the price will fall or break the $0.030 support level.

A break below the recent support will portend negatively upon Cardano. However, if the price rebounds at the current support, the price will reach the $0.050 price level. Meanwhile, Cardano is characterized by small body candlesticks like the Doji and Spinning tops which describes the indecision between bulls and buyers.

ADA/USD - Daily Chart

Daily Chart Indicators Reading:
Even though the Cardano has been ranging for the past three months, the Fibonacci tool has its reversal at the 1.272 extension level. This is because a bull candle body tested the 0.786 retracements. In the meantime, the 21-day and 50-day SMAs are trending horizontally indicating the sideways move.

ADA/USD Medium-term bias: Ranging
On the 4-hour chart, the coin fell to the $0.033 Low and made an upward movement. The upward move was terminated at $0.042 resistance. The bears resume selling as the coin dropped again to the low of $0.0.032 support. The bulls’ pulled back to $0.033 and resumed consolidation at the bottom of the chart. ADA is making an upward move, a break above $0.036 will push the coin to $0.042 price level.

ADA/USD - 4 Hour Chart

4-hour Chart Indicators Reading
Cardano is trading above 75% range of the daily stochastic. This indicates that the coin is in bullish momentum. The EMAs are also horizontally flat indicating that the coin is consolidating. Cardano will revisit the $0.030 low if the support line is broken. ADA has the chance to rise if the current low holds.

General Outlook for Cardano (ADA)
Cardano is still consolidating at the bottom of the chart. The Fibonacci tool indicates that the coin will reverse at the 1.272 extension level. This is equivalent to the $0.030 price level. The coin may or may not reach the $0.030 low before reversal. ADA had been consolidating for a long period of time. It appears the period of a breakout or breakdown is imminent.

ADATrade Signal
Instrument: ADAUSD
Order: Buy
Entry price: $0.033
Stop: $0.030
Target: $0.060

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